Word: third world
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Citicorp's decision could also bring an eventual clampdown on additional lending to Latin America and other developing regions. Certainly the Reagan Administration has reason to be concerned at that eventuality. The Administration's Baker Initiative calls for $20 billion in private loans to be issued to the Third World over the next three years in order to foster growth. The program has been slow to get rolling. Said one Manhattan economic consultant: "Some bankers believe Reed has killed the Baker Initiative...
Reed's approach is unlikely to win universal applause in the banking industry either. For one thing, the measure will force other holders of Third World loans, most notably such profit-parched institutions as BankAmerica ($7 billion in Third World loans) and Manufacturers Hanover ($7.5 billion), to agonize over whether to match it. Not all the big banks are in the same relatively good shape as Citicorp, and thus they are less able to take such action. Says one top New York City banker: "Reed is being really selfish. The stakes are much higher than the future of a single...
...Tese, a wealthy Chicago supporter who has become Cuomo's director of economic development, was soliciting money for a Cuomo campaign. Actually, Tese was calling business leaders to meet with Cuomo about the Governor's proposed bipartisan committee to develop policies on such issues as the trade imbalance and Third World debt. Cuomo responded to the reports with jokes and denials. "If I wanted campaign money," he said, "I wouldn't have to send Vincent Tese out; I would go to Vincent Tese...
...relations, was cited by the Supreme Court in its landmark Brown v. Board of Education decision (1954) that separate schools for blacks are unconstitutional; in Stockholm. In 1968 his massive ten-year study, Asian Drama: An Inquiry into the Poverty of Nations, maintained that land reform would wipe out Third World poverty. Myrdal was awarded a Nobel medal for economics in 1974. He and his wife Alva, who died in 1986, four years after being named a Nobel Peace laureate for her tireless advocacy of nuclear disarmament, helped design the Swedish welfare state. Nonetheless, Gunnar Myrdal in 1980 charged that...
...cover its Third World debt losses...